A Great Year to Sell!

]]>http://www.shortsalesapproved.com/great-year-to-sell/feed/0Foreclosures Keep Declining But Are Still Triple the “Normal” Ratehttp://www.shortsalesapproved.com/foreclosures-keep-declining-but-are-still-triple-the-normal-rate/
http://www.shortsalesapproved.com/foreclosures-keep-declining-but-are-still-triple-the-normal-rate/#commentsThu, 23 Jul 2015 22:23:11 +0000http://www.shortsalesapproved.com/?p=1647Foreclosures Keep Declining But Are Still Triple the “Normal” Rate

Short Sale Solutions

Even with the decline, however, the foreclosure inventory rate is still three times its “normal” rate, according to DSNews.

Foreclosures Keep Declining But Are Still Triple the “Normal” Rate

]]>http://www.shortsalesapproved.com/foreclosures-keep-declining-but-are-still-triple-the-normal-rate/feed/0Underwater Mortgages Still A Major Concernhttp://www.shortsalesapproved.com/underwater-mortgages-still-a-major-concern/
http://www.shortsalesapproved.com/underwater-mortgages-still-a-major-concern/#commentsTue, 14 Jul 2015 16:55:35 +0000http://www.shortsalesapproved.com/?p=1641Underwater Mortgages Still A Major Concern

Short Sale Solutions

Even though the real estate bubble burst in 2008, over 7.9 million homeowners still owe more on their mortgage that what the value of the home is actually worth. That’s still half of what the peak was in 2012.

The fact is, 15% of homeowners in the United States are underwater. And of those people who owe more on their mortgage than what its actually worth, 52% of them are underwater by more than 20%! Which … Read More

Even though the real estate bubble burst in 2008, over 7.9 million homeowners still owe more on their mortgage that what the value of the home is actually worth. That’s still half of what the peak was in 2012.

The fact is, 15% of homeowners in the United States are underwater. And of those people who owe more on their mortgage than what its actually worth, 52% of them are underwater by more than 20%! Which means even with the 2% home appreciation rate per year, they won’t breakeven until 2020 at the earliest.

Freddie Mac’s Primary Mortgage Market Survey has reported an average 30-year fixed mortgage rate of 4.08%, which has reached a new high for 2015. Because of this recent spike, mortgage applications have decreased by 4.7%.

Mortgage Rates Reach 2015 High

Freddie Mac’s Primary Mortgage Market Survey has reported an average 30-year fixed mortgage rate of 4.08%, which has reached a new high for 2015. Because of this recent spike, mortgage applications have decreased by 4.7%.

Now that the mortgage crisis is in the rearview mirror, there is a new problem that lies ahead… repayment of the Home Equity Line of Credit (HELOC). The interest only HELOCS that were taken out about a decade ago are now about to reach the 10-year point where borrowers will need to begin repaying the principal amount that is owed as well as interest.

Now that the mortgage crisis is in the rearview mirror, there is a new problem that lies ahead… repayment of the Home Equity Line of Credit (HELOC). The interest only HELOCS that were taken out about a decade ago are now about to reach the 10-year point where borrowers will need to begin repaying the principal amount that is owed as well as interest.

Now that the HELOCS are on the horizon, homeowners also have to be aware that the FED may increase the rates. “Higher rates, plus new principal payments could easily double the monthly cost of those loans. And many of those home-owners are still under-water, owing more than the house is worth — thus making refinancing almost impossible.”
“If you have a home equity line of credit upon which you have been making interest-only payments, this is the time to contact your lender about the possibility of refinancing or at least adjusting the coming HELOC payment. This time around, lenders might be more flexible about lowering that payment by adjusting the amortization schedule to longer than 10 years. ”

Some helpful strategies to help you with your situation are the following:

Freddie Mac has launched a brand new website designed to help homeowners with any questions they may have when dealing with foreclosure. This new website is called “MyHome by Freddie Mac” and it is geared to help inform homeowners about the potential options are available to them when faced with a foreclosure.

There are many options that are available to them that involve home retention programs and home forfeiture programs. Forbearance, … Read More

Freddie Mac has launched a brand new website designed to help homeowners with any questions they may have when dealing with foreclosure. This new website is called “MyHome by Freddie Mac” and it is geared to help inform homeowners about the potential options are available to them when faced with a foreclosure.

There are many options that are available to them that involve home retention programs and home forfeiture programs. Forbearance, reinstatements, repayment plans, and modifications, including the government’s Home Affordable Modification Program (HAMP) are a few options if you are looking to retain the home. Non-foreclosure solutions in which the home is forfeited include short sales or deeds-in-lieu of foreclosure.

“The site includes other options for homes lost to foreclosure. Freddie Mac encourages borrowers to find out who acquired the home after the foreclosure to increase options available; for example, if Freddie Mac acquired the home, options may include renting the home while it’s being marketed for sale, receiving “cash for keys,” or purchasing the home back.”

To take a look at the new website, click here or if you have any questions regarding short sales specifically, give us a call! (949) 340-5453!

Freddie Mac Introduces New Website to Help Distressed Homeowners

]]>http://www.shortsalesapproved.com/freddie-mac-introduces-new-website-to-help-distressed-homeowners/feed/0Non-Foreclosure Solutions Still the Best Bethttp://www.shortsalesapproved.com/non-foreclosure-solutions-still-the-best-bet/
http://www.shortsalesapproved.com/non-foreclosure-solutions-still-the-best-bet/#commentsFri, 19 Jun 2015 17:27:30 +0000http://www.shortsalesapproved.com/?p=1610Non-Foreclosure Solutions Still the Best Bet

Short Sale Solutions

Completed foreclosures are getting outpaced by non-foreclosure solutions by 5:1. This number continues to decrease along with serious delinquencies.

According to HOPE NOW, “the number of non-foreclosure solutions, which include loan modifications, short sales, deeds-in-lieu of foreclosure, or other workout plans completed by the industry totaled 153,000 for April, compared to 32,000 completed foreclosure sales during the month.”

Completed foreclosures are getting outpaced by non-foreclosure solutions by 5:1. This number continues to decrease along with serious delinquencies.

According to HOPE NOW, “the number of non-foreclosure solutions, which include loan modifications, short sales, deeds-in-lieu of foreclosure, or other workout plans completed by the industry totaled 153,000 for April, compared to 32,000 completed foreclosure sales during the month.”

Non-Foreclosure Solutions Still the Best Bet

]]>http://www.shortsalesapproved.com/non-foreclosure-solutions-still-the-best-bet/feed/07.9 Million Homes Are Still Underwater!http://www.shortsalesapproved.com/7-9-million-homes-are-still-underwater/
http://www.shortsalesapproved.com/7-9-million-homes-are-still-underwater/#commentsWed, 17 Jun 2015 16:31:40 +0000http://www.shortsalesapproved.com/?p=16037.9 Million Homes Are Still Underwater!

Short Sale Solutions

The peak underwater mortgage period was back in 2012, but the number is down by about half in 2015, to 15.4 percent of mortgages or 7.9 million homes.

11.8 percent of those homeowners, or 930,000, owe twice or more what their homes are worth.

Completed foreclosures, homes lost to foreclosure, have declined by 20 percent year-over-year in April 2015. Even though they have decreased since last April, they remain elevated at roughly 40,000 completed foreclosures.

“Despite a slow and steady improvement in most housing market fundamentals, too many families remain in default of their mortgage obligations,” said Anand Nallathambi, President and CEO of CoreLogic. “The percent of homeowners with a mortgage that have missed three or more monthly payments or … Read More

Completed foreclosures, homes lost to foreclosure, have declined by 20 percent year-over-year in April 2015. Even though they have decreased since last April, they remain elevated at roughly 40,000 completed foreclosures.

“Despite a slow and steady improvement in most housing market fundamentals, too many families remain in default of their mortgage obligations,” said Anand Nallathambi, President and CEO of CoreLogic. “The percent of homeowners with a mortgage that have missed three or more monthly payments or are in foreclosure proceedings dropped to 3.6 percent in our April data. While well below the record peak of nearly 9 percent and the lowest in more than seven years, it remains about double the pre-2007 rate.”